Real estate in Victoria has received a boost, according to one expert, with the market benefiting from several positive factors.
Enzo Raimondo, chief executive officer of the Real Estate Institute of Victoria (REIV), said buyer optimism has led to noticeable improvements in the number of auctions taking place across the state.
His comments followed Victoria gearing up for its fifth biggest auction weekend (March 23-24), in terms of volumes, since records began.
Over Saturday and Sunday, there was set to be 1,210 auctions, although the number actually reported to the REIV was 1,106, with a clearance rate of 68 per cent.
This was the same percentage as the previous weekend, while the corresponding period in 2011 saw a 59 per cent clearance rate from 703 auctions.
Of the 1,106 auctions from last weekend, 753 were sold, with 353 passed in, 223 of which were on a vendor bid.
The most expensive house to go under the hammer was a Walmer Street property in Kew, which fetched $5.1 million.
A $2 million apartment located on Maud Street in Balwyn North was the most expensive unit to sell.
The median price of houses for sale was $765,000, whereas the average value of an apartment stood at $550,000.
There were 14 lots of land for sale, although there was just a 29 per cent clearance rate at a median price of $337,000.
Mr Raimondo said the statistics show the "underlying strength" of real estate in Victoria, as well as indicating consistency over the year across a higher volume of auctions.
He claimed raised confidence levels, lower interest rates and various research highlighting the strength of property prices and clearance rates are all contributing to the market's improved performance.
"The Melbourne residential market has turned the corner after two slow years with more active buyers and sellers," the CEO explained.
"The clearance rate so far this year is 69 per cent, which is seven points up on this time last year and two points higher than in 2011."
According to the REIV, there has been a "mild" resurgence in the regional real estate market, which will have a knock-on effect with buyers, ensuring they are not priced out of their intended purchases this autumn.
This could be good news for those looking to put up their house for sale in Victoria, with the organisation adding that competition will be stiff between interested buyers.
